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Mortgage question

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  • 28-03-2011 8:05pm
    #1
    [Deleted User]
    Posts: 0 ✭✭


    Hi Guys,
    Just looking for some information regarding my apartment. I recently have started to go into arrears and I’ve tried my best to look for a positive solution. I have done some of the maths and have concluded that it would be better to sell at a loss and get on with my life lol that of course if i can sell ;)
    So my current mortgage is 200,000 and i have done some research and it looks like I could get around 150,000. So I would lose 50,000. Would the banks be willing to come to some sort of agreement regarding this loss? Like I pay 30,000 in a long term loan and they write of a 20,000.

    suggestions are very welcome


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    buddysmiley wrote: »
    Hi Guys,
    Just looking for some information regarding my apartment. I recently have started to go into arrears and I’ve tried my best to look for a positive solution. I have done some of the maths and have concluded that it would be better to sell at a loss and get on with my life lol that of course if i can sell ;)
    So my current mortgage is 200,000 and i have done some research and it looks like I could get around 150,000. So I would lose 50,000. Would the banks be willing to come to some sort of agreement regarding this loss? Like I pay 30,000 in a long term loan and they write of a 20,000.

    suggestions are very welcome

    Firstly i would not base your calculations on a write off from the bank at all as more than likely this will not happen so plan as if it wont if you do end up selling?

    Have you engaged with the lender at options to try get back on track?


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    #3
    bailes
    Registered Users Posts: 52 ✭✭bailes


    You need to talk to your mortgage provider, i assume it is your home so they are obliged to give you options on rectifying the problem.
    It is in your best interests to do something as it will affect your Credit Bureau rating and therefore your ability to borrow into the future.
    I wouldn't count on the bank writing off any debt as their official line is that they will not entertain it, however it really depends on what bank it is, more details might help!!
    Are you sure €150k is your nett sale proceeds, you may need to look at the figures again


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